Gold Price Rebounds Despite the Hawkish Fed

Gold prices made a comeback on Friday, even though the US dollar was on the rise. While there might be less room to grow for gold prices, we could still see some nice gains. Why? Because there’s a good chance the Federal Reserve won't cut interest rates in September. But here’s an even bigger reason to keep an eye on gold: rising geopolitical tensions in the Middle East could lead to more safe-haven demand for gold, which would be great for gold prices! 

Technically, $2320/25 is still a critical support region. A break below that region leads with a test of the immediate support of 50-day SMA at $2311 inevitable. If it continues to drop below this point, the next target could be $2277/80. On the upside, the correction could be seen up to the $2353 level. Further up, $2369 the threshold will be challenged.